Fintech Regulatory Regimes
Peer to Peer (P2P) Lending
The Financial Services (Peer to Peer Lending) Rules 2020 provides for a sound and efficient regulatory environment to support the offer and execution of Peer to Peer (P2P) Lending for the benefit of stakeholders in the non-bank financial services sector. Under the Rules, a P2P Operator will facilitate access to finance by matching borrowers and lenders on its online platform.
Investment-based Crowdfunding
The Financial Services (Crowdfunding) Rules 2021 governs the activity of investment-based crowdfunding which is an alternative method of financing available to companies including Small and Medium Enterprises. Investment-based crowdfunding refers to the solicitation of funds from investors through an online portal or electronic platform operated by a crowdfunding operator licensed by the FSC. Investment comprises unlisted shares, debentures or other equity-like instruments or revenue sharing arrangement in the entity seeking funding.
Payment Intermediary Services
Payment Intermediary Services (PIS) is a financial business activity regulated under the Financial Services Act. This licence enables the licence holder to conduct payment intermediary services (such as acquiring and execution of payment transactions, and money remittance services) exclusively outside Mauritius.
Robotic and Artificial
Intelligence Enabled
Advisory Services
Robotic and Artificial Intelligence Enabled Advisory Services refers to the provision of digital and personalised advisory services through a computer program and/or artificial intelligence enabled algorithms with limited human intervention. This activity is governed by the Financial Services (Robotic and Artificial Intelligence Enabled Advisory Services) Rules 2021. Robotic and artificial intelligence can seamlessly facilitate automated portfolio planning and asset allocation as well as online risk assessments.
The Virtual Asset and Initial Token Offerings Services Act 2021
The Virtual Asset and Initial Token Offerings Services Act (‘VAITOS Act’) came into force on 07 February 2022 to enable the FSC to regulate and supervise Virtual Asset Service Providers and Issuers of Initial Token Offerings in or from Mauritius. The VAITOS Act is a comprehensive legislative framework that is in line with best international standards and mitigates the risk of money laundering, financing of terrorism and the proliferation of such related risks.

FSC Finnovate

The FSC is committed to foster a conducive regulatory and business environment that encourages fintech innovation, while ensuring an appropriate level of compliance and consumer protection. In particular, the FSC aims to improve the competitiveness of the Mauritius International Financial Centre through the diversification of its product offerings and by supporting industry-led initiatives to develop technology-powered and innovation-driven financial products and services.

Some of the key ways in which the FSC supports innovation are:

  • establishment and administration of the Regulatory Sandbox Authorisation;
  • establishment and administration of the fintech innovation hub;
  • proactively engaging with the market participants, stakeholders and the broader community;
  • collaborating with local and international counterparts;
  • continuously aligning the legal and regulatory framework to accommodate new or evolving business models and their risks.
Fintech Innovation Hub
The FSC is empowered under section 14C of the Financial Services Act to inter-alia establish a fintech innovation hub:
  • to foster innovation and the use of emerging technologies by financial institutions and other financial services providers;
  • to identify critical trends in technology affecting the financial sector and develop in-depth insights into these technologies;
  • to provide a testing environment for fintech to develop, test, prototype and operate their products or services;
  • to establish an international networking platform for experts on innovative technologies related to the financial sector to promote research, exchange of views and knowledge-sharing; and for such other purposes as the FSC may determine
  • for such other purposes as the FSC may determine.
More Details Coming Soon
Regulatory Sandbox
The FSC is mandated under section 14B of the Financial Services Act to issue Regulatory Sandbox Authorisations. Under this regime, licensees of the FSC as well as other body corporates are able to conduct experiments, whether simulated or live, under the supervision of the FSC.

The Regulatory Sandbox Authorisations will be issued for a specified period and subject to such terms and conditions as the FSC may determine. Depending on the circumstances, a sandbox entity may be exempted from any applicable regulatory requirement.

Upon successful experimentation and on exiting the sandbox, the sandbox entity may apply for a full-fledged licence under the relevant legislations in force in Mauritius.

Innovation Office

The Innovation Office represents a new model for supporting innovation. The FSC’s Fintech and Innovation Office:

  • spearheads the FSC’s fintech and innovation initiatives;
  • is a direct and dedicated point of contact for guidance to market participants, stakeholders and the broader community on Fintech-related issues;
  • proactively collaborates with local and international counterparts on Fintech and Innovation matters; and
  • is a catalyst in innovative regulation and an enabler for the FSC to embrace innovation in its regulatory functions.
Open Finance Innovation
Open Finance has the potential to unlock a range of impactful outcomes for both businesses and consumers such as: broader financial inclusion, automated on-boarding experience and increasingly personalised customer experience.
Open Finance Innovation
The FSC is introducing the open finance framework that shall aim to empower customers by providing them better control over their personal and financial data catalysing the development of financial products and services that are responsive to their needs. The open finance framework espouses consent-driven data portability, interoperability and collaborative partnerships among non-bank financial institutions and third-party providers respectively.
API Standardisation
The objective of the FSC is to establish a strong and sustainable foundation for an API economy through experimentation and implementation of cutting-edge technologies, and adoption of customer-focused disruptive ideas by the industry.

The FSC accordingly encourages a standardised approach to creating, maintaining and governing Automated Programming Interfaces (APIs) that will allow the development of innovative financial products and services that will benefit customers and financial institutions across the non-banking sector in Mauritius and worldwide, respectively.
Fintech Forums

The FSC is a member of the following Fintech forums:

  • Global Financial Innovation Network
  • International Organisation of Securities Commissions (IOSCO) Africa / Middle-East Regional Committee (AMERC) Fintech Work stream
  • International Association of Insurance Supervisors (IAIS)
  • Working Group under the Fintech Committee
The FSC is also signatory to a number of bilateral Fintech Cooperation Agreements and participates actively in roundtables organised by the Mauritius Africa Fintech Hub.
Fintech Policies and Regulatory Frameworks

The FSC recognises the important role innovation and technology plays in enabling a wide range of financial services business models. The FSC plays a critically important role in providing clear regulatory policies and guidance for Fintechs and their customers with respect to innovative financial products and services.

Please contact or the FSC Single Window if you are unsure about which particular regulatory regime applies to your innovative financial product or service.
Fintech Literacy
The FSC recognises the paramount importance of fostering Fintech Literacy. The FSC is committed to empowering stakeholders with the knowledge and skills they need to navigate the digital financial landscape effectively and responsibly.

Fintech Lexicon - A Comprehensive Guide to Fintech Terminologies

Fintech Campus - Pioneering Innovation for Financial Services – Coming soon
The Fintech Lexicon is a comprehensive repository of key terminologies relevant to the world of financial technology (fintech).
Under the Fintech Campus Initiative, the FSC will reach out with tertiary academics and students, as well as freelance innovators, amongst others.